The principal investment required to get a total amount of $10,000.00 from compound interest at a rate of 13% per year compounded 1 times per year over 1.5 years is $8,324.96.
Answer:
P = $8,324.96
Given Data
Final Amount A = $10,000
Time t = 1 year 6 months
Rate = 13%
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 13/100
r = 0.13 per year,
Then, solve the equation for P
P = A / (1 + r/n)^nt
P = 10,000.00 / (1 + 0.13/1)^(1)(1.5)
P = 10,000.00 / (1 + 0.13)^(1.5)
P = $8,324.96
Learn more about compound interest here:
https://brainly.com/question/24924853
